Reber's Estate

Citations

• 15 Pa. Super. 122
• 1900 Pa. Super. LEXIS 313

Syllabus

<p>Promissory note — Contribution among indorsers.</p> <p>The relation of joint indorsers, which is that of cosureties, is one of mutual trust and confidence, and from this springs their liability to contribute equally to the payment of the principal debt. In equity the solvent sureties are liable to contribute inter se as to the whole amount.</p> <p>As between two solvent indorsers, the others being insolvent, where one has paid the note, the other is liable to contribute one half unless there is some other ground upon which the indorser who has paid is liable to pay the'whole.</p> <p>Joint indorsers — Contribution—Set-off—Liability of directors — Corporate indebtedness.</p> <p>Where a claim is against joint indorsers the effect is to work out the equities existing among them, and on a claim for contribution arising thereunder the indorser called upon for such contribution may not set up that the plaintiff was liable for the note as president and director of the maker company of which defendant was also director, because of a claim that at the time the original note was given the indebtedness of the principal exceeded the capital stock paid in. The claim is not for contribution among wrongdoers.</p> <p>Jointindorsers — Contribution—Set-off of judgment against corporate principal.</p> <p>In a suit for contribution among indorsers, the defendant cannot set up a judgment obtained against the corporation principal of which plaintiff was president. Defendant’s claim was against the corporation and he is secured by judgment against the corporation.</p> <p>As both plaintiff and defendant were fellow directors, the doctrine as to contribution between co-wrongdoers as laid down in Hill v. Frazier, 22 Pa. 30, should apply if it has any application in the case.</p> <p>Insolvent decedent's estate — Basis of computing dividend on claims.</p> <p>An administrator like an assignee is trustee for creditors in both cases; the estate belongs to the creditors, and as a basis of comput